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Renting a property can be a daunting process, especially as demand for rental property continues to outstrip supply*. Market conditions in many areas mean prospective tenants need to be prepared and ready to make an offer as soon as they are happy, or face losing their dream property. Susan Fitz-Gibbon, President of the Association of Residential Letting Agents said: "Many agents are currently low on stock and tenants could risk losing out if they are inefficient in their bid. Competition is fierce, so it is important that you are in the best position possible to successfully secure a...
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Following the Mortgage Market Review by the Financial Conduct Authority, the process of getting a mortgage is likely to get harder with potentially less money available to people to borrow. The new rules are designed to protect borrowers from taking on more debt than they can afford and lenders will now be looking in more depth at borrowers’ finances. From the end of April, all monthly payments and household expenses such as utility bills will be looked at and validation of these may be required. Bank statements will be gone through with a fine tooth comb and questions may be raised about any...
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ARLA report shows reluctant landlords may become a thing of the past Association of Residential Letting Agents (ARLA) research reveals that the number of people letting out properties because they have been unable to sell has dropped to a record low. According to ARLA’s latest quarterly report, the percentage of letting agents seeing an increase in rental property entering the market because it cannot be sold has fallen to just 13%. This figure represents the fourth consecutive fall, and is far below the 94% high recorded when the question was first asked at the start of 2009, during the...
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With the average house price in the UK being £254,000 and £500,000 in London, the average salary of £26,500 isn’t anywhere near enough to cover buying a home. Even if you go in with a partner earning the same, there is still around a £50,000 deposit required get a mortgage. Many find it hard to scrape together living costs, let alone save for a deposit when living away from the parental home. Thankfully the bank of Mum and Dad is there for many. Around 80% of first time buyers under 30 get financial assistance from their parents according to the Council of Mortgage Lenders. That’s a...
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In 2013, just under 40,000 tenants were evicted from their homes by court appointed bailiffs according to the Ministry of Justice. This is the highest number since records began and is exasperated in London where rents are rising faster than wages. If people lose their jobs or their unsustainable lifestyles catch up with them when their credit supply stops, how can you protect against loss of rent? The simple answer is landlord insurance. Before the tenants even sign a tenancy agreement, a comprehensive reference check should be carried out looking into their last tenancy to see if they paid...
